AUD/USD bounces off 11-day low

FXStreet (Córdoba) - The Australian dollar fell sharply during the Asian session, weighed by disappointing Chinese trade data, and hit an 11-day low versus the greenback at the 0.7550 area before finding support and entering a sideways phase.

AUD/USD bottomed out at 0.7552 but with the subsequent bounce capped by the 0.7585 zone, the pair was confined to a phase of consolidation. At time of writing, Aussie is trading at 0.7580, recording a 1.33% loss on the day.

In the macroeconomic domain, in Australia Westpac confidence numbers on Wednesday and employment figures on Thursday are the key events for the Aussie.

AUD/USD short-term technical outlook

“In the 4 hours chart the bearish tone prevails, albeit the pair can now extend its bounce up to the 0.7620/30 price zone before resuming its decline”, said Valeria Bednarik, chief analyst at FXStreet.

Bednarik locates immediate supports at 0.7550, 0.7520 and 0.7490, while she sees resistances at 0.7625, 0.7660 and 0.7700.